Mader Group Limited (MADGF) Q2 2025 Earnings Call Transcript

2025-02-25 18:19:06 ET

Mader Group Limited (MADGF)

Q2 2025 Results Conference Call

February 24, 2025 07:00 PM ET

Company Participants

Justin Nuich - Chief Executive Officer

Paul Hegarty - Chief Financial Officer

Presentation

Justin Nuich

Thanks very much, Jester, and good morning, everyone, and welcome to Mader Group's half year results for FY '25 first half. With me today is our Chief Financial Officer, Paul Hegarty. With the first half of FY '25 completed, we're proud to have delivered another record half year revenue of $411.5 million, an increase of 10% versus the PCP. Despite some challenges, which I'll talk about a little later on, the key highlights for this result today are: a continued net headcount growth of approximately 300 over the last 6 months; a record revenue result with stable margins; a return to net headcount growth in North America, in particular, where we closed the half year out at a record headcount of 530 personnel; excellent cash flow conversion with a clear pathway to a net cash position in the next 12 months; and a very bright outlook for the second half and beyond. So with that said, let's jump into it.

For those who are unfamiliar with our journey, Mader was founded back in 2005 by our Executive Chairman, Luke Mader, identifying an underserviced niche in the industry. Luke started providing flexible maintenance solutions to customers with no more than a single [indiscernible], or truck for our North American shareholders on the call, some tools and a vision. 20 years on, that vision has come to life. Today, Mader is a diversified global business, delivering technical services across multiple industries, across 9 different countries, backed by a global team of 3,500-plus people with diverse skill sets. In the half, we're proudly supported by over 400 customers working on more than 540 locations across the globe.

As you can see, over the years, we have continued to successfully evolve Mader from a single product business into a truly global diversified business with our unique model replicated across multiple industries worldwide. By launching fully organic start-ups in new markets, expanding geographically and broadening our suite of technical skill sets, we have been able to achieve an average compounding annual growth rate of around 30% over the past 10 years. We acknowledge that none of this would have been possible without our dedicated hard-working team, which leads me to our next slide, our specialized workforce. Touching briefly back on Luke's vision. He had the dream to build a workforce where people not only have pride in what they do, but they can get the job done working alongside their great mates....

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